Navigator Holdings Ltd. (NVGS) vs WhiteHawk Minerals Corp. (WHK)

Navigator Holdings Ltd. and WhiteHawk Minerals Corp. are both Oil & Gas Midstream companies. Navigator Holdings Ltd. is the larger, with a market value of $1.2B against $730.7M — 1.6× the size. WhiteHawk Minerals Corp. has negative trailing earnings, so its P/E is not meaningful; Navigator Holdings Ltd. trades at 6.6×. Navigator Holdings Ltd. has the higher net margin (30.1% vs −81.9%) and the higher return on invested capital (5.28% vs 0.04%). Across the 17 metrics below, Navigator Holdings Ltd. leads on 13 and WhiteHawk Minerals Corp. on 4.

Valuation

Metric NVGS WHK Oil & Gas Midstream median
P/E 6.55 n/m 11.68
P/S 1.95 5.92 2.39
P/B 0.90 1.11 1.68
Price to free cash flow 3.73 n/m 8.52
EV/EBITDA 5.98 15.79 9.03
EV/Sales 2.75 6.79 3.43
Earnings yield 15.26% (21.24%) 7.78%
Free cash flow yield 26.80% (35.89%) 7.11%

Profitability

Metric NVGS WHK Oil & Gas Midstream median
Gross margin 53.38% 100.00% 54.87%
Operating margin 25.02% 0.38% 34.73%
Net margin 30.06% (81.94%) 20.12%
Free cash flow margin 52.18% (212.45%) 14.43%
Return on equity 14.27% 0.00% 11.73%
Return on assets 8.17% 0.00% 4.43%
Return on invested capital 5.28% 0.04% 6.10%

Growth

Metric NVGS WHK Oil & Gas Midstream median
Revenue growth (TTM) 6.62% — 14.88%
EPS growth (last fiscal year) 23.53% 66.36% (7.78%)
Revenue growth, 5-year CAGR 12.04% — 10.05%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric NVGS WHK Oil & Gas Midstream median
Debt to equity 0.57 0.18 0.77
Current ratio 1.38 1.39 1.19
Net debt to EBITDA 2.48 4.91 3.46

Dividend

Metric NVGS WHK Oil & Gas Midstream median
Dividend yield 1.43% — 4.94%
Payout ratio 0.09 — 0.73

Size

Metric NVGS WHK Oil & Gas Midstream median
Market cap 1.19b 730.66m 3.56b

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